EX-99.2 4 triton_unaudited-fncls.htm TRITON MIAMI, INC. 9-30-16 UNAUDITED FINANCIALS
TRITON MIAMI, INC.
BALANCE SHEET
(UNAUDITED)

   
September 30,
2016
 
Assets
      
Current assets:
      
Cash and cash equivalents
  
$
735,625
  
Account receivable
    
1,347,199
  
 Inventory
    
988,882
  
 Prepaid expenses and other assets
    
1,182
  
Current portion due from related party
    
28,963
  
Total current assets
    
3,101,851
  
         
Due from related party, net of current portion
    
225,763
  
Property and equipment, net
    
63,354
  
Other assets
    
7,112
  
         
Total assets
  
$
3,398,080
  
         
Liabilities and Equity
        
Current liabilities:
        
Accounts payable
  
$
504,741
  
Accrued expenses and other liabilities
    
185,672
  
Current portion of notes payable
    
75,541
  
Total current liabilities
    
765,954
  
         
Notes payable, net of current portion
    
485,604
Total liabilities
1,251,558
  
         
Stockholders’ equity:
        
Common stock, 500 shares authorized, 500 shares
issued and outstanding, no par value
    
78,882
  
Retained earnings
    
2,067,640
  
Total stockholders’ equity
    
2,146,522
  
Total liabilities and stockholders’ equity
  
$
3,398,080
  



TRITON MIAMI, INC.
STATEMENTS OF INCOME
(UNAUDITED)


   
Nine Months Ended September 30,
  
   
2016
   
2015
  
             
Net sales
  
$
10,438,149
    
$
8,388,868
  
Cost of sales
    
7,178,370
      
5,864,054
  
Gross profit
    
3,259,779
      
2,524,814
  
Selling, general and administrative expenses
    
1,629,592
      
1,394,191
  
Income from operations
    
1,630,187
      
1,130,623
  
Other income (expense):
                
Interest expense
    
(12,079
)
    
(13,677
)
Other income
    
15,147
      
29,080
  
Total other income
    
3,068
      
15,403
  
Net income
  
$
1,633,255
    
$
1,146,026
  


TRITON MIAMI, INC.
STATEMENTS OF CASH FLOWS
(UNAUDITED)


   
Nine Months Ended September 30,
  
   
2016
   
2015
 
Cash Flow from Operating Activities
            
Net income
  
$
1,633,255
    
$
1,146,026
  
Adjustments to reconcile net income to net cash provided
by operating activities:
                
Depreciation and amortization
    
12,821
      
16,862
  
Realized investment income
    
(15,147
)
    
(29,080
)
Bad debt expense
    
14,579
      
14,807
  
Changes in assets and liabilities:
                
Accounts receivable
    
(373,373
)
    
(162,415
)
Inventory
    
324,031
      
(55,089
)
Prepaid expenses and other assets
    
(2,100
)
    
136,639
  
Accounts payable
    
(91,392
)
    
419,595
  
Accrued expenses and other liabilities
    
9,973
      
(371,498
)
Net cash provided by operating activities
    
1,512,647
      
1,115,847
  
                 
Cash Flows from Investing Activities
                
Proceeds from investments
    
–
      
316,647
  
Purchases of property and equipment
    
(16,363
)
    
(24,442
)
Net cash provided by (used in) investing activities
    
(16,363
)
    
292,205
  
                 
Cash Flows from Financing Activities
                
Repayments on note payable
    
(61,064
)
    
(62,455
)
Distributions to stockholders
    
(1,529,383
)
    
(1,118,404
)
Net cash used in financing activities
    
(1,590,447
)
    
(1,180,859
)
                 
Net increase (decrease) in cash and cash equivalents
    
(94,163
)
    
227,193
  
Cash and cash equivalents, beginning of period
    
829,788
      
789,430
  
                 
Cash and cash equivalents, end of period
  
$
735,625
    
$
1,016,623
  


TRITON MIAMI, INC.
NOTES TO FINANCIAL STATEMENTS


Note 1 – Description of Business

Triton Miami, Inc. (“the Company”) was incorporated under the laws of the state of Florida in 2004.  The Company's principal business is to serve as a reseller of new, refurbished and used telecommunications networking equipment to other distributors, retailers, and end users.  The Company specializes in the voice over IP and IP telephone industry, central office switching, and transmission equipment space.

Note 2 – Notes Payable

The Company had two outstanding loans of approximately $0.3 million each at September 30, 2016.  Subsequent to September 30, 2016, both of the loan balances were paid in full before the Company was acquired on October 14, 2016.